This amendment to the company’s bank credit facility underlines the confidence its lending partners share in Samuel’s financial and sustainable performance.
The arrangement links Samuel’s progress in achieving its environmental sustainability objectives with the facility’s interest costs, as tracked using sustainability KPIs, including cumulative reduction in energy consumption and GHG emission intensity. Progress will be measured and audited annually by an independent third party as part of the company’s ongoing environmental, social and governance (ESG) commitments.
Colin Osborne, Samuel’s President and CEO, stated: “Sustainability is a critical part of our strategy, and this unique lending agreement demonstrates our forward-looking commitment to ESG. We are embedding ESG commitments across all parts of Samuel and are pleased to be linking our progress with our financial activities. We are grateful to our banking partners, led by BMO Capital Markets as the Sustainability Structuring Agent, who have been so supportive in establishing this new sustainability-linked revolving credit facility, which is among the first of its kind for our industry.”
Samuel has made a long-term pledge to make meaningful improvements in all aspects of its ESG practices and plans to publicly disclose milestones and progress updates going forward.
Founded in 1855, Samuel, Son & Co., Limited, is a family-owned integrated network of metal manufacturing, processing and distribution divisions. Samuel employees provide metals, industrial products and related value-added services from locations across North America. The company leverages its industry expertise, breadth of experience and the passion of its people to help drive success for North American business – one customer at a time. For more information, visit samuel.com.
Director of Marketing and Communications
Samuel, Son & Co., Limited